KARACHI: The prices on cotton market remained steady amid sustained demand from spinners on Thursday.

However, delay in phutti (seed-cotton) arrivals continued to hamper trading activity.

Despite early sowing, many areas in lower Sindh could not harvest the crop due to heatwave.

Short supply of cotton is keeping trading activity restricted and slow.

Traditionally, at the start of new season most of the demand for cotton is mostly met from phutti arrivals from lower Sindh.

Despite strong demand, quality cotton is also in short supply.

Reports of rains in interior Sindh are expected to have a positive impact on the standing crop.

Barring a few new crop deals from Sindh which transpired at Rs8,100 to Rs8,150 per maund there was no trading activity.

Around 600 bales were reported to have changed hands.

Meanwhile, phutti prices also remained on the higher side as Sindh variety was being quoted at Rs3,900 to Rs4,000 and Punjab at Rs3,500 to Rs4,000 per 40 kg.

The world leading markets gave mixed trend with New York cotton recovering previous losses while Indian cotton remaining on the higher side owing to strong demand from China.

The Karachi Cotton Association (KCA) spot rates were revised upward by Rs100 to Rs7,600 per maund.

The following deals, old crop were reported to have changed hands on ready counter: 3,400 bales, station Rahimyar Khan, at Rs7,625 and 131 bales, Kahror Pakka, at Rs6,675.

Published in Dawn, June 29th, 2018